Northland sells apartment complexes in West Palm Beach for $133M

UPDATED, Oct. 29, 5:35 p.m.: Morgan Properties bought three multifamily complexes in West Palm Beach for $132.5 million, as investors continue to bet on the strength of South Florida’s housing market.

Northland Investment Corp., based in Newton, Massachusetts, sold the 622-unit portfolio to Morgan, based in King of Prussia, Pennsylvania. Morgan financed the purchase with an undisclosed bridge loan arranged by Berkadia, according to a release.

The properties are: Windward at the Villages at 1441 Brandywine Road, The Royal St. George at 1651 Brandywine Road, and Village Place at 2111 Brandywine Road.

The 176,870-square-foot Windward at the Villages complex has 196 one- and two-bedroom units. It last sold in 2016 for $23.7 million, records show.

The Royal St. George, a 222,496-square-foot complex with 224 one-, two-, and three-bedroom units, last sold in 2008 for $23.2 million.

And the third, Village Place, previously sold in 2014 for $22 million. The 178,043-square-foot community has 202 one-, two-, and three-bedroom units.

A Berkadia team led by Jaret Turkell and Roberto Pesant represented the seller.

The pace of investment sales of multifamily properties has not slowed down this year, as population growth rises and companies continue relocating to South Florida. Rents and occupancy have both surged during the pandemic.

Morgan Properties paid $1.8 billion for a national apartment portfolio earlier this year, which included four apartment complexes in and near Boca Raton that it acquired for $126 million.

In February, Dermot Co. paid $143 million for an apartment complex in Boynton Beach. And in August, Cortland paid $230 million for The Residences at Uptown Boca in Boca Raton, marking the priciest apartment sale in the tri-county region this year.

More recently, a Los Angeles real estate firm bought a former condo that was converted to apartments from Axonic Properties for $43 million earlier this week.

Correction: An earlier version of this story misidentified the buyer and seller.